We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
HSBC UK Private Banking Introduces Addepar Platform, Boosts Offerings
Read MoreHide Full Article
Key Takeaways
HSBC UK Private Banking adopts Addepar to enhance wealth reporting for high-net-worth clients.
The platform supports alternative assets, multi-manager data, and holistic portfolio views.
This move aligns with HSBC's global strategy to expand private banking and digital capabilities.
HSBC UK Private Banking, a subsidiary of HSBC Holdings PLC (HSBC - Free Report) , has adopted the Addepar platform, which is particularly designed for wealth managers. This move comes after its adoption in the US Private Bank, with plans for rollouts in the Channel Islands and Luxembourg later in the year.
Details of HSBC’s Move
HSBC UK Private Banking provides services to domestic and global ultra and high net worth clients alongside family offices.
The Addepar platform offers a superior client reporting experience, handling complex aspects such as alternative investments and account aggregation. It allows relationship managers and investment advisers to smoothly deliver customized, comprehensive performance reports and investment insights.
Moreover, the platform can consolidate performance data for clients with assets managed by other wealth firms, allowing them to view a full picture of their complete investment portfolio in one place.
Charles Boulton, head of Private Banking, HSBC UK, said, “Addepar's platform will mean that our clients have the best possible insights at their fingertips to manage an increasingly complex financial landscape. Being able to present a client's entire portfolio to them so they have a holistic view of their wealth across multiple currencies and multiple wealth managers will be a big step forward for us.”
James Thomson, head of investment counselling, HSBC UK Private Banking, stated, “As a leader in the alternatives space, with more and more private banking clients wanting to have a proportion of their portfolio in this asset class, Addepar's advanced alternatives reporting capabilities was [sic] an important selling point.”
Rationale Behind HSBC’s Adoption of Addepar
HSBC’s move aligns with an increased focus on high-net-worth and ultra-high-net-worth clients. In mainland China, the bank is growing its wealth business through lifestyle-focused centers and acquisitions like Citigroup’s retail wealth arm in June 2024, digital upgrades and hiring talent.
Further, HSBC has been boosting its presence through initiatives like launching Global Private Banking, acquiring L&T Investment Management, and enhancing Premier Banking.
Over the past six months, shares of HSBC have rallied 24.6%, outperforming the industry’s growth of 21.6%.
Last month, Deutsche Bank (DB - Free Report) collaborated with International Business Machines (IBM - Free Report) and finaXai, a Singapore-based AI company.
By leveraging IBM’s innovative technologies, Deutsche Bank aims to streamline workflows, reduce operational costs and improve efficiency across all areas of its business. The transition from legacy systems to IBM's advanced cloud and AI solutions will allow DB to develop a more agile, scalable, and secure technology stack.
Similarly, Citigroup Inc. (C - Free Report) unveiled Citi AI, a range of artificial intelligence tools aimed at enhancing internal processes for Hong Kong employees.
Citi AI aims to maximize efficiency in operations by offering support in information retrieval, document summarization, and writing electronic communications for employees.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
HSBC UK Private Banking Introduces Addepar Platform, Boosts Offerings
Key Takeaways
HSBC UK Private Banking, a subsidiary of HSBC Holdings PLC (HSBC - Free Report) , has adopted the Addepar platform, which is particularly designed for wealth managers. This move comes after its adoption in the US Private Bank, with plans for rollouts in the Channel Islands and Luxembourg later in the year.
Details of HSBC’s Move
HSBC UK Private Banking provides services to domestic and global ultra and high net worth clients alongside family offices.
The Addepar platform offers a superior client reporting experience, handling complex aspects such as alternative investments and account aggregation. It allows relationship managers and investment advisers to smoothly deliver customized, comprehensive performance reports and investment insights.
Moreover, the platform can consolidate performance data for clients with assets managed by other wealth firms, allowing them to view a full picture of their complete investment portfolio in one place.
Charles Boulton, head of Private Banking, HSBC UK, said, “Addepar's platform will mean that our clients have the best possible insights at their fingertips to manage an increasingly complex financial landscape. Being able to present a client's entire portfolio to them so they have a holistic view of their wealth across multiple currencies and multiple wealth managers will be a big step forward for us.”
James Thomson, head of investment counselling, HSBC UK Private Banking, stated, “As a leader in the alternatives space, with more and more private banking clients wanting to have a proportion of their portfolio in this asset class, Addepar's advanced alternatives reporting capabilities was [sic] an important selling point.”
Rationale Behind HSBC’s Adoption of Addepar
HSBC’s move aligns with an increased focus on high-net-worth and ultra-high-net-worth clients. In mainland China, the bank is growing its wealth business through lifestyle-focused centers and acquisitions like Citigroup’s retail wealth arm in June 2024, digital upgrades and hiring talent.
Further, HSBC has been boosting its presence through initiatives like launching Global Private Banking, acquiring L&T Investment Management, and enhancing Premier Banking.
Over the past six months, shares of HSBC have rallied 24.6%, outperforming the industry’s growth of 21.6%.
Image Source: Zacks Investment Research
Currently, HSBC carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Digital Enhancement Efforts by Other Global Banks
Last month, Deutsche Bank (DB - Free Report) collaborated with International Business Machines (IBM - Free Report) and finaXai, a Singapore-based AI company.
By leveraging IBM’s innovative technologies, Deutsche Bank aims to streamline workflows, reduce operational costs and improve efficiency across all areas of its business. The transition from legacy systems to IBM's advanced cloud and AI solutions will allow DB to develop a more agile, scalable, and secure technology stack.
Similarly, Citigroup Inc. (C - Free Report) unveiled Citi AI, a range of artificial intelligence tools aimed at enhancing internal processes for Hong Kong employees.
Citi AI aims to maximize efficiency in operations by offering support in information retrieval, document summarization, and writing electronic communications for employees.